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Karen1960

Insurance Tax and Super

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Due to divorce and ill health, I am moving back to UK to be near people who love and and can help support me emotionally through some challenging times. Once settlement of our financial assets is finalised I will be arranging to go. Can anyone tell me whether Australian life insurance is valid in UK, I have a policy through my super fund, and will probably need to use it for TPD in the future, or just to leave to me family when I pass. Also, do we have to pay tax on money taken back from liquidation of all assets?

Thanks in advance.

Karen

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Due to divorce and ill health, I am moving back to UK to be near people who love and and can help support me emotionally through some challenging times. Once settlement of our financial assets is finalised I will be arranging to go. Can anyone tell me whether Australian life insurance is valid in UK, I have a policy through my super fund, and will probably need to use it for TPD in the future, or just to leave to me family when I pass. Also, do we have to pay tax on money taken back from liquidation of all assets?

Thanks in advance.

Karen

What I did with the life assurance was to write to the insurers to ask if the policy was valid in another country and they confirmed it would so long as the premiums were kept up, but it varies from company to company, but do it in writing and keep all correspondence because I have at different times had varied responses to other queries so sometimes it might be someones understanding of their policy but if it's in writing it's difficult for them to backtrack.

 

With transferring money our bank asked where the money came from and I told them it came from the sale of a house and other assets in Australia and taxes had been paid in Australia, and as far as I know sales of second hand goods and principal residence are tax free in Australia they seemed to be happy as their is a tax agreement between Australia and the UK which stops double taxation and accepted it but, I did keep a copy of my final tax return in Australia just in case.

 

Have you given thought to your pension position if you return to the Uk because pension elegibility rules have changed here recently and as far as I know and I stress this is just my understanding, you have to be resident in Australia to claim your pension there and in the UK you have to have 10 years NI contributions to even get a PARTIAL pension at 67 and you cannot move your super from Australia to the UK although you can access it at a specific age dependent on your date of birth.

Edited by BacktoDemocracy

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reviving an old thread as its relevant to me right now.. 

Wondering what people have done regarding their super here. 
Did they just leave it here, and let it grow, or is there a means of transferring it back to the UK? 

I'll be working and earning in the uk, but im not sufre what to do with this little pot of money i accrued over the last 6 years. 
Looking for info from people who moved, what did they do with their super???

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22 minutes ago, Har00n said:

reviving an old thread as its relevant to me right now.. 

Wondering what people have done regarding their super here. 
Did they just leave it here, and let it grow, or is there a means of transferring it back to the UK? 

I'll be working and earning in the uk, but im not sufre what to do with this little pot of money i accrued over the last 6 years. 
Looking for info from people who moved, what did they do with their super???

You have no choice but to leave it here though make sure that you cancel all insurance payments as they will just eat up your capital.  My OH left Oz in 1999, not expecting to return but did in 2015.  In the intervening 16 years her Super more than doubled in size but the important thing is to make sure it is in a fund with low charges and cancel insurances.

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Timeline: 309/100 Sent 7/8/13, Money Taken 9/8/13, CO appointed 3/9/13. Med 3/12/13. Police check 4/12/13. VISA GRANTED 8/4/14, Subclass100. Recce August 2014. Arrived 30 July 2015.

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14 minutes ago, Gbye grey sky said:

You have no choice but to leave it here though make sure that you cancel all insurance payments as they will just eat up your capital.  My OH left Oz in 1999, not expecting to return but did in 2015.  In the intervening 16 years her Super more than doubled in size but the important thing is to make sure it is in a fund with low charges and cancel insurances.

thanks for that.. 

Strange that we can import our pension funds into insurnace here, but can withdraw from here back to a pension fund in the uk. 
Oh well... guess i better figure put what insurances are on my super. TBH, i havent even looked at it much since it was setup a while ago.. 

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